There are three different types of Formula 1 odds. You can bet on outright odds that look at seasons-long outcomes like the Drivers’ Championship. You can bet on pre-race odds, such as who will win a grand prix. And you can bet on live F1 odds during races and time your selections to perfection.
Accurately reading the F1 odds is crucial if you are to understand the true value of your bet. There’s nothing more frustrating than betting on an outcome in F1 only to realise there’s little chance of it happening.
This guide shows you how to read Formula 1 odds and explains why the numbers can flip so quickly. We’ll look at how a sport that is so predictable can turn in an instant.
Formula 1 odds explained
There are three types of odds formats available in F1, two of which are offered to players at Paddy Power. Below is a quick run-down of how these F1 odds work and how you can accurately read them.
F1 fractional odds
Fractional odds are the oldest type of betting odds in F1. They work by displaying your profit relative to your stake. For example, if a Mercedes driver is 4/1 to win a race, then you get £4 profit for every £1 you bet. Bet £2 and you’ll earn £10 back (£8 profit + £2 stake).
F1 decimal odds
Decimal odds are generally easier to understand and require less mental maths. They show how much you get back from a successful £1 bet. So, if a McLaren driver is 5.00 to win a race, you get £5 back for every £1 staked (£4 profit + £1 stake).
F1 American odds
Paddy Power doesn’t offer American odds but we’ll describe how they work anyway. With American odds, if the number is positive then it shows how much profit you make off a £100 bet. So, if a Ferrari is +200 to win a race and you bet £100, then you earn £300 (£200 profit + £100 stake). Don’t worry, there’s no obligation to bet £100! If you bet £10 then you earn £30. If American odds go negative then it shows how much you need to bet in order to earn £100 profit. So, -250 means you have to bet £250 to earn £100 profit, for £2.50 to earn a quid.
Paddy Power has hundreds of F1 betting odds
Why do live F1 odds change?
Understanding F1 odds is all about understanding the sport. Formula One is a very predictable sport and the governing body (the FIA) is continuously looking at ways to make it more interesting. The problem is, cars struggle to overtake without the use of DRS and the faster cars almost always come out on top, regardless of the drivers’ ability.
It means F1 odds can be fairly flat before and during races. Those who are tipped to win the World Championship at the start of the season probably will, and those who are expected to challenge for podium places each week probably will.
So, why do live F1 odds change? Well, the biggest reason is safety cars, pit strategy, and the weather. A safety car can dramatically bunch the field and reduce a leader’s advantage from two minutes to one second. Yellow flags trigger near-immediate changes in the odds because the race is suddenly much more competitive.
Then there is the weather. F1 teams use radar to track rainfall over race weekend but even a light shower can convince some to switch tyres. A pit stop loses a driver around 20 seconds but they might make that time up if they have wet tyres and the others are still on slicks.
Finally, pit and tyre strategy comes into play a lot in F1. Teams can predict how well all cars will fare in the same conditions, and therefore develop a pit and tyre strategy to maximise their chances of winning points. This could mean pitting before anyone else, using two sets of hard tyres for the race, opting to undercut or overcut an opponent, or all three. Pit stops cause fluctuations in the live F1 odds that are worth monitoring.
What about F1 outright odds?
F1 outright odds focus on season-long outcomes such as the World Championship and the Constructors’ Championship. The odds at the start of the season will reflect the final results of last year, and take into account the developments in each team across the winter.
It’s likely that last season’s champion will be favourite to win the title again, unless a rival team has developed a new concept that is performing well in testing.
F1 plays out in dynasties. Michael Schumacher, Sebastian Vettel, Lewis Hamilton and currently Max Verstappen have all enjoyed prolonged success as rival teams scramble to catch them up.
It’s best to back the favourites in the F1 outright odds at the start of the season, before a race has even begun. If they win the first grand prix then those odds will plummet.
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